I 

118TH CONGRESS 

2D SESSION H. R. 9284 

To amend the Servicemembers Civil Relief Act to limit the interest rate 

on student loans incurred by a servicemember before military service 

and consolidated or refinanced during military service, and for other 

purposes. 

IN THE HOUSE OF REPRESENTATIVES 

AUGUST 2, 2024 

Mrs. RAMIREZ (for herself, Ms. BONAMICI, Mr. LEVIN, Ms. VELA ́ZQUEZ, Ms. 

SALINAS, Ms. ADAMS, Mr. DAVIS of Illinois, Ms. LEE of California, and 

Ms. NORTON) introduced the following bill; which was referred to the 

Committee on Veterans’ Affairs 

A BILL 

To amend the Servicemembers Civil Relief Act to limit the 

interest rate on student loans incurred by a servicemember before military service and consolidated or refinanced 

during military service, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Servicemember Stu5 dent Loan Affordability Act of 2024’’. 


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1 SEC. 2. LIMITATION ON INTEREST RATE OF STUDENT 

2 LOANS INCURRED BEFORE MILITARY SERV3 ICE AND CONSOLIDATED OR REFINANCED 

4 DURING MILITARY SERVICE. 

5 (a) ESTABLISHMENT.—Subsection (a) of section 207 

6 of the Servicemembers Civil Relief Act (50 U.S.C. 3937) 

7 is amended— 

8 (1) in paragraph (1), by inserting ‘‘ON DEBT

9 INCURRED BEFORE SERVICE’’ after ‘‘LIMITATION TO

10 6 PERCENT’’; 

11 (2) in paragraph (2), by inserting ‘‘or (2)’’ 

12 after ‘‘paragraph (1)’’; 

13 (3) in paragraph (3), by striking ‘‘paragraph 

14 (2)’’ and inserting ‘‘paragraph (3)’’; 

15 (4) by redesignating paragraphs (2) and (3), as 

16 amended, as paragraphs (3) and (4), respectively; 

17 and 

18 (5) by inserting, after paragraph (1), the fol19 lowing new paragraph (2): 

20 ‘‘(2) LIMITATION TO 6 PERCENT ON STUDENT

21 LOANS INCURRED BEFORE MILITARY SERVICE AND

22 CONSOLIDATED OR REFINANCED DURING MILITARY

23 SERVICE.— 

24 ‘‘(A) IN GENERAL.—An obligation or li25 ability bearing interest at a rate in excess of 6 

26 percent per year that is incurred by a serviceVerDate Sep 11 2014 06:17 Sep 05, 2024 Jkt 049200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H9284.IH H9284

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1 member, or the servicemember and the 

2 servicemember’s spouse jointly, during military 

3 service to consolidate or refinance a student 

4 loan incurred by the servicemember before such 

5 military service, shall not bear an interest at a 

6 rate in excess of 6 percent during the period of 

7 military service. 

8 ‘‘(B) EXCLUSION.—Subparagraph (A) 

9 shall apply only to the consolidation or refi10 nancing of student loans described in such sub11 paragraph and shall not apply to the consolida12 tion or refinancing of any other obligation or li13 ability.’’. 

14 (b) EFFECTIVE DATE OF LIMITATION.—Subsection 

15 (b) of such section is amended— 

16 (1) in paragraph (1)(A), by striking ‘‘the inter17 est rate limitation’’ and inserting ‘‘an interest rate 

18 limitation’’; and 

19 (2) in paragraph (2)— 

20 (A) by striking the heading and inserting 

21 ‘‘EFFECTIVE DATE OF LIMITATION’’; and 

22 (B) by inserting before the period at the 

23 end the following: ‘‘in the case of an obligation 

24 or liability described in paragraph (1) of such 

25 subsection, or as of the date on which the servVerDate Sep 11 2014 06:17 Sep 05, 2024 Jkt 049200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H9284.IH H9284

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1 icemember incurs (or the servicemember and 

2 spouse jointly incur) the obligation or liability 

3 described in paragraph (2) of such subsection’’. 

4 (c) STUDENT LOAN DEFINED.—Subsection (d) of 

5 such section is amended by adding at the end the following 

6 new paragraph: 

7 ‘‘(3) STUDENT LOAN.—The term ‘student loan’ 

8 means any of the following: 

9 ‘‘(A) A Federal student loan made, in10 sured, or guaranteed under title IV of the 

11 Higher Education Act of 1965 (20 U.S.C. 1070 

12 et seq.). 

13 ‘‘(B) A private education loan, as such 

14 term is defined in section 140(a) of the Truth 

15 in Lending Act (15 U.S.C. 1650(a)).’’. 

Æ 


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